The shrinking rupee

Earlier this month I criticized the architects of India's recent note demonetization for not using the traditional overstamping techniq...

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The strange mania for Swiss National Bank shares

The shares of the Swiss National Bank (SNB), Switzerland's central bank, have almost doubled since July, despite there being no real new...

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Those new Japanese safety deposit boxes must all be empty

Remember all the hoopla about Japanese buying safety deposit boxes to hold cash in response to the Bank of Japan's decision to set negat...

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Are the Swiss fleeing deposits and hoarding cash?

Have Swiss interest rates fallen so low that the public is finally bolting into cash? The Wall Street Journal and Zero Hedge  think so. The...

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Central banks' shiny new tool: cash escape inhibitors

Thomas Jordan, Chairman of the Governing Board of the Swiss National Bank Negative interests rates are the shiny new thing that everyone wan...

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Hike rates when you hear the creak of inflation at the door, not when you see the whites of its eyes

A common argument against the Fed raising interest rates next week is the asymmetry in risks that it faces. If it keeps rates low too long ...

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Plumbing the depths of the effective lower bound

Unfathomable Depths by Ibai Acevedo Denmark's Nationalbank and the Swiss National Bank are the world's most interesting central ban...

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Hawk, Doves, and Canaries

Central bankers are usually classified as either hawks or doves. This post is devoted to a third and rare breed; today's monetary policy...

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